厦门特宝生物工程股份有限公司 2024 年年度股东大会 会议资料 （688278） 中国·厦门 厦门特宝生物工程股份有限公司 2024 年年度股东大会会议资料 会议须知 为保障厦门特宝生物工程股份有限公司（以下简称"公司"）全体股东的 合法权益，维护股东大会的正常秩序，确保本次股东大会顺利召开，根据《公 司章程》《股东大会议事规则》及有关法律法规的规定，特制定本须知，望出席 股东大会的全体人员遵照执行。 一、本公司董事会办公室具体负责会议的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东及股东代理 人的合法权益，除出席会议的股东及股东代理人、公司董事、监事、高级管理 人员、公司聘请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进 入会场。 三、为保障本次股东大会的顺利召开，股东及股东代理人须在会议召开前 30 分钟到会议现场办理签到手续，并按规定出示证券账户卡、身份证明文件或 企业营业执照/注册证书复印件（加盖公章）、授权委托书等，经验证后方可出 席会议。 四、本次股东大会采取现场投票和网络投票相结合的方式表决，结合现场 投票和网络投票的表决结果发布股东大会决议公告。 五、股 ...

关于股东大会开设网络投票提示服务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 厦门特宝生物工程股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日 披露了关于召开 2024 年年度股东大会的通知，公司拟于 2025 年 4 月 18 日 14:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表决方 式，具体内容详见公司于上海证券交易所网站（www.sse.com.cn）披露的《关于 召开 2024 年年度股东大会的通知》（公告编号：2025-013）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过发送智能短信等形式，根据股权登记日 的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、 议案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票 一键通服务用户使用手册》（下载链接：https://vote.ss ...

Core Viewpoint - The company is actively advancing its clinical research and product pipeline in the field of chronic hepatitis B treatment, particularly focusing on the approval and market penetration of its drug, Paigebin, and its combination therapies [2][3]. Group 1: Clinical Developments - The latest approval timeline for the clinical cure indication for chronic hepatitis B is expected to be submitted to the National Medical Products Administration in March 2024, currently under technical review [2]. - The establishment of clinical cure outpatient clinics is ongoing, which is anticipated to positively impact sales by enhancing treatment standardization and increasing patient awareness [2]. - The company is also progressing with the registration application for its growth hormone product, which was accepted in January 2024 and is currently under technical review [2]. Group 2: Research and Development Strategy - The company plans to increase R&D investment in line with clinical needs, focusing on immunology and metabolism, with an upward trend in overall R&D spending as more projects enter clinical research [2][3]. - The company has established collaborations for various products, including ongoing preclinical studies and Phase I clinical trials, indicating a robust pipeline in liver disease and gene therapy [2][3]. Group 3: Market Insights and Future Outlook - The penetration rate of long-acting interferon in chronic hepatitis B treatment remains low, but the company believes that new therapies and combination strategies will increase the patient population receiving antiviral treatment [3]. - The company anticipates that the market for long-acting interferon will expand as new drugs for hepatitis B are launched, supported by evidence showing interferon’s effectiveness in reducing liver cancer risk [3]. - The company is exploring various real-world research projects to optimize hepatitis B treatment strategies, aiming to broaden the definition and scope of clinical cure populations [3].

Group 1 - The core point of the news is the significant block trade of TEBIO on April 7, where 648,000 shares were traded at a price of 83.30 yuan, representing a premium of 14.99% over the closing price of the day [1][2] - The buyer of the block trade was GF Securities Co., Ltd., while the seller was Guojin Securities Co., Ltd. [1][2] - In the last three months, TEBIO has recorded a total of five block trades, with a cumulative transaction amount of 145 million yuan [1] Group 2 - TEBIO's latest closing price was 72.44 yuan, reflecting a decline of 7.54% on the day, with a turnover rate of 1.13% and a total trading volume of 336 million yuan [1] - Over the past five days, TEBIO's stock has decreased by 8.65%, with a total net outflow of funds amounting to 32.21 million yuan [1] - The latest margin financing balance for TEBIO is 339 million yuan, with a slight increase of 850,800 yuan over the past five days, representing a growth rate of 0.25% [2] Group 3 - Four institutions have provided ratings for TEBIO in the past five days, with the highest target price set at 87.04 yuan by Dongfang Securities [2]

特宝生物 688278.SH 公司研究 | 年报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年04月03日） | 78.35 元 | | 目标价格 | 87.04 元 | | 52 周最高价/最低价 | 88.38/46.3 元 | | 总股本/流通 A 股（万股） | 40,680/40,680 | | A 股市值（百万元） | 31,873 | | 国家/地区 | 中国 | | 行业 | 医药生物 | | 报告发布日期 | 2025 年 04 月 07 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -2.82 | -2.82 | 6.58 | 23.93 | | 相对表现% | -1.02 | -2.13 | 4.29 | 15.7 | | 沪深 300% | -1.8 | -0.69 | 2.29 | 8.23 | | 伍云飞 | wuyunfei1@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524020001 ...

证券研究报告 | 2025年04月02日 特宝生物（688278.SH） 优于大市 2024 全年归母净利润同比增长 49%，慢乙肝临床治愈不断深入 营收及净利润快速增长。2024 全年公司实现营收 28.17 亿（+34.1%）， 归母净利润 8.28 亿（+49.0%），扣非归母净利润 8.27 亿（+42.7%）。 随着乙肝临床治愈研究的不断深入，公司核心产品派格宾作为慢性乙肝 抗病毒治疗的一线用药，进一步得到专家和患者的认可，产品持续放量。 分产品看，公司抗病毒用药实现营收 24.47 亿元（+36.7%），毛利率 96.2%（+0.7pp），销售量 410.7 万支（+44.3%）；血液/肿瘤用药实 现营收 3.63 亿元（+19.7%），毛利率 75.4%（-5.6pp）。 净利率提升，销售费用率持续改善。2024 全年公司毛利率为 93.5%（同比 +0.2pp）、净利率 29.4%（同比+2.9pp）；销售费用率 39.5%（同比-0.9pp）、 管理费用率 9.9%（同比-0.1pp）、研发费用率 10.5%（同比-0.5pp）、财务 费用率-0.1%（同比+0.2pp），期间费用率整体为 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][18]. Core Insights - The company is expected to achieve a 49% year-on-year growth in net profit attributable to shareholders, reaching 828 million yuan in 2024, alongside a revenue increase of 34.1% to 2.817 billion yuan [1][8]. - The core product, Pegbivac, is recognized as a first-line antiviral treatment for chronic hepatitis B, with increasing acceptance among experts and patients, leading to sustained sales growth [1][2]. - The company has established multiple external collaborations to enhance its pipeline in the liver disease prevention and treatment sector [2][18]. Financial Performance - In 2024, the company reported a gross margin of 93.5% and a net margin of 29.4%, with a decrease in sales expense ratio to 39.5% [1][9]. - The revenue breakdown shows that antiviral drugs generated 2.447 billion yuan (+36.7%) with a gross margin of 96.2%, while blood/tumor drugs contributed 363 million yuan (+19.7%) with a gross margin of 75.4% [1][4]. - The company’s earnings per share are projected to increase from 2.03 yuan in 2024 to 5.33 yuan in 2027 [4][17]. Future Projections - The report adjusts profit forecasts, estimating net profits of 1.071 billion yuan in 2025 and 1.538 billion yuan in 2026, with a new projection of 2.170 billion yuan for 2027 [2][18]. - The price-to-earnings (PE) ratios are projected to be 30x for 2025, 21x for 2026, and 15x for 2027, indicating a favorable valuation trend [2][18].

Group 1: Baili Tianheng - In 2024, Baili Tianheng achieved operating revenue of 582.27 million yuan, a year-on-year increase of 936.31%, and net profit of 370.75 million yuan, turning a profit [1] - The company received an $800 million upfront payment from BMS as part of its innovative oncology drug combination [1] - Multiple clinical trials for BL-B01D1 are ongoing in China and the U.S., including several Phase III trials [1] - The company plans to increase R&D investment to 1.443 billion yuan in 2024 and continue to expand in 2025 [1] Group 2: Teabo Bio - Teabo Bio's application for the marketing authorization of Pegbivac is currently under technical review after being accepted in March 2024 [2] - The company is also advancing the registration of long-acting growth hormone and SKG0201, with applications accepted in January 2024 [2] - Teabo Bio emphasizes the strategic significance of acquiring Jiutian Bio and plans to increase R&D investment focusing on breakthrough technology platforms [2] Group 3: Hongyuan Electronics - In 2024, Hongyuan Electronics experienced an 8.57 percentage point decline in gross margin due to falling prices of high-reliability ceramic capacitors and an increase in low-margin product sales [3] - The company reported a 56.11% revenue growth in microcontrollers and integrated circuit products [3] - Major clients account for 71.09% of sales revenue, primarily from China Electronics Technology Group [3] Group 4: Lens Technology - Lens Technology is rapidly developing in automotive, smart terminal, and humanoid robot sectors, collaborating with over 30 smart car brands [4] - The company expects significant growth in its smart retail terminal business and aims to become a core manufacturing platform for embodied intelligent hardware [4] - Lens Technology has made progress in developing ultra-thin laminated glass for automotive applications, with expectations to introduce it to leading domestic new energy vehicle brands this year [4]

对于业绩增长，特宝生物解释，主要系该公司主业稳健向好，尤其是随着乙肝临床治愈研究的不断深 入，其产品派格宾作为慢性乙肝抗病毒治疗的一线用药，进一步得到专家和患者的认可，产品持续放 量。公司积极开拓市场，重点产品派格宾销售收入快速增长。同时，公司持续提升经营管理水平，降低 总体费用率，提高盈利水平。 长江商报消息 ●长江商报记者 张璐 深耕乙肝领域多年，长效生物制剂龙头特宝生物（688278.SH）经营业绩上行。 3月28日，特宝生物发布2024年年报。报告期内，公司实现营业收入28.17亿元，同比增长34.13%；实现 归属于上市公司股东的净利润（下称"净利润"）8.28亿元，同比增长49%。 长江商报记者注意到，自2020年1月上市以来，特宝生物业绩持续增长，累计实现净利润达19.68亿元。 此外，近两年来，特宝生物技术实力和市场开发能力持续增强。2020年—2024年，公司研发费用累计 8.33亿元。截至2024年末，累计获得的知识产权达293个。 派格宾产品放量驱动业绩增长 资料显示，特宝生物是一家主要从事重组蛋白质及其长效修饰药物研发、生产及销售的创新型生物医药 企业。目前，特宝生物已经上市5个产品， ...

Group 1 - The core viewpoint of the article is the performance and operational details of Rongcheng Accounting Firm, including its audit services and financial metrics for 2023 [2][4][12] - As of December 31, 2024, Rongcheng Accounting Firm has 212 partners and 1,552 registered accountants, with 781 having signed audit reports for securities services [1] - The total audited revenue for Rongcheng Accounting Firm in 2023 was approximately 287.22 million yuan, with audit business revenue at about 274.87 million yuan and securities and futures business revenue at approximately 149.86 million yuan [2] Group 2 - Rongcheng Accounting Firm undertook the audit of 394 listed companies for their 2023 annual reports, with total audit fees amounting to approximately 48.84 million yuan [2] - The firm has a strong client base in various industries, primarily in manufacturing and information technology services [2] - The firm has purchased professional liability insurance with a cumulative compensation limit of no less than 200 million yuan [3] Group 3 - In the past three years, Rongcheng Accounting Firm has faced no criminal or administrative penalties, but has received 14 supervisory measures and 6 self-regulatory measures [5] - The firm has been involved in a civil lawsuit regarding securities false statements related to LeEco, with a judgment requiring it to share liability for losses with LeEco [4] Group 4 - The audit fees for 2024 for the company are set at 848,000 yuan, remaining stable compared to the previous period [11] - The audit committee has conducted a thorough review of Rongcheng Accounting Firm's qualifications and has recommended its reappointment for the 2025 audit [12][13] Group 5 - The company has reported a total of 38.32 million yuan raised from its initial public offering, with a net amount of approximately 33.04 million yuan after deducting issuance costs [17] - As of December 31, 2024, the company has utilized approximately 39.85 million yuan of the raised funds, with a remaining balance of about 10.23 million yuan [18] Group 6 - The company has established a fundraising management system to ensure compliance with regulations and protect investor interests [19] - The company has signed a tripartite supervision agreement for the management of raised funds, ensuring all parties fulfill their responsibilities [20]